Oil drops $6 on easing storm worry, dollar

Oil drops $6 on easing storm worry, dollar

Oil tumbled to below $136 on Tuesday, dropping by about $10 this week, as the dollar gained and concern eased over an Atlantic hurricane.

U.S. light crude fell more than $6 to as low as $135.14 a barrel, the lowest since June 26. It traded $5.21 lower at $136.16 by 12:53 p.m. EDT. London Brent crude fell $5.37to $136.50.
Oil had hit a record $145.85 last week, propelled by tensions between Iran and the West over Tehran's nuclear ambitions and worries a brewing storm could hit the Gulf of Mexico's offshore oil fields.

Hurricane Bertha became a "major" hurricane on Monday, but none of the computer models used to predict storm tracks indicated it would steer toward the Gulf of Mexico.
"It seems the tone is easing for now and the hurricane (concern) is gone," a broker said.
Dealers added the gain in the U.S. dollar triggered some technical selling,
The dollar rebounded from earlier losses on Tuesday after Federal Reserve Chairman Ben Bernanke said the U.S. central bank may keep an emergency lending facility open beyond the end of the year for big Wall Street firms.

But analysts said the market focus would shift later this week to U.S. weekly oil statistics and a monthly report from the International Energy Agency (IEA), which will give a fresh look at the demand-supply situation amid a slowing world economy.Continued...
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Source: Reuters, BusinessLine, Sify..

Economic lessons from the East: Sify Special

Economic lessons from the East
A Dragon, four tigers and an elephant

East Asia is one of the most dynamic, dazzling and diverse region of the whole world. It has a population of about 2.2 billion corresponding to one third of the global population. In this region, we have 'dragon' and 'tiger countries' playing very important roles on world political stage and giving new dimension to the global economy.

China is known as a country of dragon while Taiwan, South Korea, Hong Kong and Singapore are known as "Four East Asian tigers". The most influential countries who play a pivotal role on the world economic scenario are Japan, China, South Korea and Singapore.

The growth this year in all the developing East Asian economy except Japan is going to be simply unprecedented in the last two decades. East Asia has got a huge relief after the financial crisis of 1997, which shivered the stock market nerves of Hong Kong, Singapore, Thailand and Malaysia. Even the World Bank has recently revised its forecast for the growth of East Asian economy, except Japan, in 2007-08 to be 8.4%, up from 7.3% earlier predicted in April last year.

By the same author: China’s first Padma Bhushan 'West must stop fanning Tibet fire'

The rising oil prices and inflation may slow down the growth of the economy of these East Asian countries; however it is predicted that these countries would perform much better than their western or South Asian counterparts..........
More @ Economic lessons from the East

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Source: Sify.com